MAM
Dentsu expands footprint in Canada with Grip acquisition
MUMBAI: Dentsu Aegis Network has acquired Canadian agency Grip Limited known for its creative, digital and branded content work. This latest acquisition extends the footprint of Dentsu Aegis Network Canada and continues the expansion of its digital offering in the region.
Toronto-based Grip is a full-service agency founded in 2002. Now counting over 150 employees among its ranks, Grip credits its early adoption of digital capabilities, including social, analytics, mobile, CRM and branded content creation as the main drivers of its growth.
Following the acquisition, Grip will maintain its name and branding, and operate as a specialist brand within Dentsu Aegis Network Canada.
The agency will continue to be managed by the senior leadership team of the founding partners, Bob Shanks, managing partner, and creative partners, David Crichton, David Chiavegato, Rich Pryce Jones, Randy Stein, and Scott Dube.
“What attracted us to Dentsu Aegis Network was the ability to scale our capabilities across a broader network in order to expand and enhance our offering to existing clients, and attract new prospects both here in Canada and globally,” said Shanks.
“Grip is a fantastic additition to our network in Canada in terms of expertise and capabilities, with a strong culture and vision that complements our current roster of agencies and talent. This is a key acquisition to increase our scale with an established global client base, enhance our digital capabilities and achieve a dominant position in the market. We look forward to helping Grip expand its reach and contribute to the overall offering of Dentsu Aegis Network,” said Dentsu Aegis Network Canada CEO Annette Warring.
Financial terms of the transaction were not disclosed.
Brands
Flipkart completes reverse flip to India ahead of IPO
Walmart-owned e-commerce giant shifts domicile from Singapore to Bengaluru
MUMBAI: Flipkart has completed its restructuring to move its parent company from Singapore back to India, marking a key milestone as the Walmart-owned marketplace prepares for a potential initial public offering on Indian stock exchanges, ET reported, citing people aware of the matter.
The move, often referred to as a “reverse flip”, relocates the company’s legal home to India and aligns its corporate structure more closely with its largest market. It also clears an important regulatory step for Flipkart as it explores listing plans.
As part of the restructuring, several Singapore-based entities have been merged into Flipkart Internet Private Limited, which will now serve as the main holding company for the entire group.
The consolidation brings a number of major businesses directly under the Indian parent company. These include fashion platform Myntra, logistics arm Ekart, travel booking platform Cleartrip, healthcare marketplace Flipkart Health, and fintech venture Super.money.
Under the new structure, global investors including Walmart, Microsoft, SoftBank, and the Canada Pension Plan Investment Board will hold their stakes directly in the Indian entity rather than through an overseas holding company.
The redomiciliation required approval from the Indian government because Chinese technology company Tencent owns around a 5 to 6 per cent stake in Flipkart. Under Press Note 3, investments from countries sharing a land border with India require prior government clearance.
Flipkart had already secured approval from the National Company Law Tribunal in December. With the latest clearance from the central government, the company has now obtained all the regulatory approvals needed to complete the relocation, ET reported earlier.
Flipkart had originally shifted its holding structure to Singapore in 2011 to tap global capital more easily. However, as India’s capital markets have matured, several start-ups have begun returning their domiciles to the country ahead of public listings. Companies such as Razorpay, Groww, and Meesho have taken similar steps.
The company is now expected to move ahead with its IPO preparations and has begun early discussions with merchant bankers. According to people familiar with the matter, Flipkart could file its draft prospectus later this year, setting the stage for what may become one of the most closely watched listings in India’s e-commerce sector.
Flipkart has been majority-owned by Walmart since 2018, when the US retail giant acquired a 77 per cent stake in the company for $16 billion in one of the largest e-commerce deals globally.
